- Associated Press - Monday, December 7, 2015

TRENTON, N.J. (AP) - The owner of a now-shuttered title company is headed to prison for stealing $7.7 million entrusted to him as a settlement agent to pay off multiple mortgage loans.

New Jersey authorities say Robert Sebia received an 11-year sentence on Monday. The 50-year-old Wilkes Barre, Pennsylvania resident also must pay restitution to another title insurance company that was responsible for paying the claims filed because of his thefts.

Sebia pleaded guilty in August to misconduct by a corporate official and theft by failure to make required disposition of property received.

Between January and May of 2014, Sebia admitted that he failed to use funds entrusted to him as a settlement agent to pay off more than 28 outstanding mortgage loans on various properties.

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